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ASX to plummet as mortgage stress escalates, iron ore freefalls

·Contributing editor
·2-min read
The Australian share market looks set to fall heavily again on Monday. Source: Getty
The Australian share market looks set to fall heavily again on Monday. Source: Getty

Good morning.

Here's what you need to know about finance markets for today.

ASX: The Australian share market looks set to fall heavily again this morning. According to the latest SPI futures, the ASX 200 is expected to open the day 68 points or 0.9 per cent lower this morning.

Wall Street: It was a disappointing end to the week on Wall Street, which saw the Dow Jones fall 0.5 per cent, the S&P 500 drop 0.9 per cent, and the Nasdaq tumble 0.9 per cent.

AUD: The Australian dollar is trading at 0.7268 to the US dollar as at 6.30am this morning.

Mortgage stress: Mortgage stress is spiking across key suburban electorates in Sydney and Melbourne despite record low interest rates as spiralling property prices leave two in five households struggling to make ends meet, SMH reports. New reasearch shows up to 70 per cent of households in these areas are under mortgage stress as high house prices eat into the weekly budget.

Iron ore: A continued pressure on iron ore prices looks likely, with China’s moves to curb steel production to limit air pollution poised to squeeze share prices of big name miners and threaten federal government tax revenue. The key steel-making material’s price has seen its value halve since record-breaking highs of US$230 (A$316) per tonne in May, which caused stock values of ASX-listed producers such as Fortescue Metals, Rio Tinto and BHP to fall sharply last week.

StarTrack strike: StarTrack workers will hold a 24-hour strike on Thursday next week, claiming the company's management has declined an invitation to hold an urgent negotiation meeting this week. The Transport Workers' Union says StarTrack has been outsourcing work at increasing rates, to as high as 70 per cent at some yards, and the practice is threatening employees' jobs. StarTrack is owned by Australia Post.

"One shot closer": Business organisations are clubbing together to urge Australians to get vaccinated under a new campaign called "One shot closer". The Business Council of Australia says when it comes to getting vaccinated, big and small businesses are speaking with one voice.

Have a great day.

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